Economic Indicators

The U.S. Economy Grew in Q3 2025

Real gross domestic product (GDP) increased at an annual rate of 4.3 percent in the third quarter of 2025 (July, August, and September), according to the initial estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.8 percent. The increase in real GDP in the third quarter reflected increases in consumer spending, exports, and government spending that were partly offset by a decrease in investment. Imports, which are a subtraction in the calculation of GDP, decreased. Read the full BEA report.

The GDP is measured as the total market value of the goods and services produced within a specific geography during a given time period. Gross domestic product is a key indicator of the general health of the economy and its performance, with increases indicative of economic growth.

Michigan Unemployment Rate Falls Between September and November

Michigan’s seasonally adjusted unemployment rate decreased by one-tenth of a percentage point between September and November. Employment receded by 6,000 between September and November and the number of unemployed people fell by 7,000, resulting in a workforce decline of 13,000 during this
period.

Employment Levels Down in November 2025

Nonfarm employment in the Detroit Region reached 2,063,700 in November 2025, down 4,400 jobs month-over-month.

Job Postings Reach Lowest-Level in 10-Years in December 2025

In December 2025, total job postings in the Region reached 81,600—marking a 9% decrease more the previous month. Registered nurses have emerged as the most in-demand occupation in 2025 so far, with over 28,000 postings recorded through 2025.

The U.S. Economy Grew in Q3 2025

Real gross domestic product (GDP) increased at an annual rate of 4.4 percent in the third quarter of 2025 (July, August, and September), according to the updated estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.8 percent. The increase in real GDP in the third quarter reflected increases in consumer spending, exports, government spending, and investment. Imports, which are a subtraction in the calculation of GDP, decreased. Read the full BEA report.

The GDP is measured as the total market value of the goods and services produced within a specific geography during a given time period. Gross domestic product is a key indicator of the general health of the economy and its performance, with increases indicative of economic growth.

Inflation Slowed to 2.7% in November 2025

In November, the Consumer Price Index for All Urban Consumers rose 2.7 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 2.6 percent over the year (NSA). Read the full report.

Consumer Sentiment Inched Up For the Second Straight Month in January 2025

Consumer sentiment inched up for the second straight month and reached its highest reading since September 2025. Improvements in January were seen among lower-income consumers, while sentiment fell for those with higher incomes. All told, while consumers perceived some modest improvement in the economy over the past two months, their sentiment remains nearly 25% below last January’s reading. They continue to be focused primarily on kitchen table issues, like high prices and softening labor markets. Although consumers’ worries about tariffs appear to be gradually receding, they remain guarded about the overall strength of business conditions and labor markets. Read the full report. 

Michigan’s New Business Applications Move Higher in Q2 2025

In the second quarter of 2025, seasonally adjusted new business applications rose by 7% from the previous quarter, reaching a total of 34,794. Although this marks a decline from the exceptional highs seen during the pandemic, application numbers continue to hold strong compared to pre-pandemic benchmarks.

Economic Activity in the Manufacturing Sector Contracted in December for the Tenth Consecutive Month

The U.S. manufacturing sector contracted in December for the 10th consecutive month after two months of expansion preceded by 26 months of contraction. “The Manufacturing PMI® registered 47.9 percent in December, a 0.3-percentage point decrease compared to the 48.2 percent recorded in November.

ISM® states a reading above 50% shows that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting. The index is based on a monthly survey of supply chain managers and measures general direction of economic trends in manufacturing and other sectors.